EIB Records €4.3bn Investments For Africa In 2022

Posted by Eric Ojo Business News, Latest Headlines Thursday, May 11th, 2023

(AFRICAN EXAMINER) – European Investment Bank (EIB) Group has said that its investments for Africa in the 2022 fiscal year amounted to €4.3 billion.

The EIB is a long-term financing institution owned by Member States of the European Union (EU). It finances sound investments contributing to EU policy goals.

The EIB Group supports projects in four priority areas — infrastructure, innovation, climate and environment, and small and medium-sized enterprises.

The investments were facilitated by EIB Global, the bank’s specialised arm dedicated to operations outside the EU and a key partner of the EU’s Global Gateway strategy.

This was disclosed by the by the new EIB Global Report which was published this week.

The report which outlines and gave a breakdown of the entire investments for the 2022 financial year, also noted that a huge percent of the investments were majorly channelled to financing projects in Ukraine and Africa.

Meanwhile, EIB Global aims to support at least €100 billion of investment by the end of 2027, around one third of the overall target of Global Gateway. Within Team Europe, it fosters strong, focused partnerships alongside fellow development finance institutions, and civil society.

Notably, it brings the Group closer to local communities, companies and institutions through our offices across the world.

In addition, the report further stated that the Group financed €10.8 billion in 2022, 50 percent more than the previous year’s figures, in its first year of existence.

Within the year, it continued to support global healthcare, affordable energy, access to water, renewable power sources and sustainable growth everywhere.

The EIB’s investment also illustrated the EU bank’s swift response to the invasion of Ukraine, with €1.7 billion already disbursed to help the embattled country.

President of EIB, Werner Hoyer harped on the need to collectively brace up to the challenges the world is facing at the moment, particularly in supporting Ukraine and investing in an economic recovery after the pandemic.

“The challenging geopolitical situation and conflicts happening around the world should not make us lose sight of our objective to promote a global, just transition to net zero.

“If we want to stand a chance to achieve the UN Sustainable Development Goals, we need to forge sustainable partnerships and alliances at all levels. In its first year of existence EIB Global proved that we are making an active contribution to a more equitable world under the banner of the EU, in particular through our support to Global Gateway projects”, he said.

The EIB Global Report gives more details about the projects that make a difference around the world, with sections on Ukraine, sustainability, climate, and energy.

“The Impact explains how our economists analyse the differences these projects make – 11.7 million people benefiting from safe drinking water, 836 million people vaccinated against COVID-19 and other diseases, 141 million more trips on public transport

“This report presents our rigorous analysis of the results of our investments and assesses the financial benefits, catalytic effect and technical support we bring to each project”, the report stressed.